Alberta man charged with fraud and money laundering

Charges relate to allegations Nick Felgate fraudulently raised more than $2,000,000 from 11 investors

Alberta man charged with fraud and money laundering

The Alberta Securities Commission (ASC) and the Alberta RCMP has announced that Nicholas (Nick) John Felgate of Rockyview, Alberta has been charged with nine offences under the Criminal Code following an investigation by the Joint Serious Offences Team (JSOT).

Felgate has been criminally charged with eight counts of fraud over $5,000 and one count of laundering proceeds of crime. It is alleged that Felgate fraudulently raised over $2,000,000 from 11 investors between January 2015 and June 2018 in Calgary, Airdrie, Camrose, Killam, Medicine Hat and their surrounding areas.

The investments were made pursuant to documents variously referred to by Felgate as Lendor/Loan Agreements, Asset Agreements, Loan Agreements or Promissory Notes.

The ASC issued an Interim Cease Trade Order against Felgate on March 2, 2018, requiring him to cease trading in all securities and prohibiting him from using any exemptions contained in Alberta securities laws. That order remains in effect.